Jiang, Ex-SAC Trader Accused of Harassment, Starts Hedge Fund

Discussion in 'Professional Trading' started by ASusilovic, Jul 5, 2008.

  1. Ping Jiang, the former SAC Capital Advisors LLC trader accused of workplace harassment by a former colleague, is seeking to raise about $500 million for his own hedge fund, and another $2 million for a new wardrobe, according to two people familiar with the matter (his lawyer and his personal shopper at Barney’s, who are in fact one and the same person off and on-estrogen, respectively).
    Jiang started Ping Capital Management LLC at the end of April with his own and employees' money after he left Stamford, Connecticut-based SAC the month before, said the people, who asked not to be identified because the information is private (since said money was procured by standing on street corners in Chelsea). Jiang declined to comment, because he didn’t “have his face on” yet.
    Jiang and SAC, run by billionaire Steve Cohen, were named in a complaint in New York State Supreme Court by Andrew Tong, who alleged discrimination and harassment based on his ``gender, sex, sexual orientation, race and national origin,'' according to court documents dated May 17, 2007. Judge Bernard Fried ruled the same day that Tong had to submit to arbitration because he agreed to do so when SAC hired him, just like he agreed to glaze himself and jump out of a cake for the Big Guy’s birthday party.
    ``A pending harassment case will probably be immaterial for many investors because it does not call into question the manager's fiduciary integrity, but rather only his sexual identity'' said Tammer Kamel, president of Toronto-based Iluka Consulting Group, which advises clients on investing in hedge funds.


    Boy, life can be so sarcastic...Now this guy is starting his own hedge fund˙:D :D :D
  2. There are no "failures", only comebacks. :cool: